Divorce Guidelines.indd - PSERs

More documents

Recommendations

Info

Be paid to Alternate Payee's estate to the extent of the Alternate Payee's equitable distribution portion of the Member's retirement benefit as set forth in Paragraphs Five (5) through Eight (8). OR Be paid to a/each "Contingent Alternate Payee" [include the name(s), address(es), date(s) of birth, social security number(s) and percentage(s) (totaling 100%) payable to each Contingent Alternate Payee, and the relationship of each Contingent Alternate Payee to the Member]. Note: If the Alternate Payee is entitled to a portion of the Member’s pre-retirement death benefit and the Alternate Payee’s equitable distribution portion of the Member’s retirement benefit is to be a monthly “sum certain” amount, the DRO must specify the Alternate Payee’s equitable distribution portion as a percentage of the Member’s death benefit or a specific lump sum up to the amount of the available death benefit. 10. Retirement Option Election. The term and amount of Member's retirement benefit payable to Alternate Payee under the terms of this Stipulation and Agreement after its entry as a Domestic Relations Order acceptable to PSERS are dependent upon which option is elected by Member upon retirement. Member and Alternate Payee expressly agree that Member shall elect [Maximum Single Life Annuity] OR [Option 1] OR [Option 2] OR [Option 3] OR [Option 4 - Customized Option] for the Alternate Payee’s portion at the time Member files an Application for Retirement with PSERS. Member may elect any option on the remaining portion as long as it does not negatively affect the Alternate Payee’s portion. The Alternate Payee shall share equally in the cost of such option election on the Alternate Payee’s portion. Note: If the parties want to provide a levelized benefit under the Option 4 - Customized Option, please utilize the following language: The Alternate Payee shall receive his or her portion of the annuity which is payable to Member during his/her lifetime, so that the Alternate Payee shall receive a portion of the Member’s benefit during his/her lifetime and the same amount as a survivor annuity if the Member predeceases the Alternate Payee after the Member’s retirement. The Alternate Payee acknowledges that if he/she predeceases the Member after the Member’s retirement, then under this levelized survivor annuity option, no survivor annuity is payable to the Alternate Payee’s estate or contingent alternate payee. Member may elect any option for the remaining portion as long as it does not negatively affect the Alternate Payee’s portion. The Alternate Payee shall share equally in the cost of such option election. OR 3
Member may elect any retirement option offered by PSERS under the Retirement Code at the time Member files an application to retire with PSERS with the Alternate Payee bearing [a proportionate share] OR [no share] OR [specific percentage] in the cost of such option elected. Note: The DRO must specifically state how the cost of an option election is to be allocated among the Member and the Alternate Payee. If the Alternate Payee is to share in the cost, then the Alternate Payee’s portion of the Member’s retirement benefit will not be based on the Maximum Single Life Annuity but will be reduced by such cost. For T-C and T-D Members only: LUMP SUM BENEFIT. Upon retirement, Member [shall] OR [may] OR [may not] elect to receive a lump sum payment pursuant to 24 Pa.C.S. § 8345(a)(4)(iii) as part of their retirement benefit. Member shall elect to receive a lump sum in an amount equal to [the total accumulated deductions], OR [$ (specific amount) ] of which the Alternate Payee: is entitled to receive the equitable distribution portion as outlined in Paragraph Six (6). Note: If the allocation of the lump sum benefit to the Alternate Payee is not specifically stated, it is assumed that the Alternate Payee will receive his/her equitable distribution portion of the lump sum benefit. OR is not entitled to receive any portion of the Member’s lump sum. State your own method. OR Note: If the Alternate Payee’s equitable distribution portion of the Member’s retirement benefit is to be a monthly “sum certain” amount, the DRO must specify the Alternate Payee’s equitable distribution portion of the lump sum benefit in a percentage or a specific lump sum up to the amount available to be withdrawn. 11. Tax Liabilities. PSERS shall issue individual tax forms to Member and Alternate Payee for the amounts paid to each. 12. Limitations on the Alternate Payee. Alternate Payee may not exercise any right, privilege or option offered by the Retirement Code. In no event shall the Alternate Payee or his/her estate have greater benefits or rights than those that are available to the Member. The Alternate Payee or his/her estate is not entitled to any benefit not otherwise provided by the Retirement Code. The Alternate Payee or his/her estate is only entitled to the specific benefits offered by the Retirement Code as provided in this Order. All other rights, privileges, and options offered by the Retirement Code not granted to the Alternate Payee or his/ her estate by this Order are preserved for the Member. Member and Alternate Payee acknowledge that benefits paid 4
Page 1 and 2: PSERS Divorce Guidelines Publicatio
Page 3 and 4: Public School Employees' Retirement
Page 5 and 6: If someone other than the Member is
Page 7 and 8: How does a DRO become an ADRO? A DR
Page 9 and 10: ) If the Alternate Payee’s portio
Page 11 and 12: Member’s death, and thereafter fo
Page 13 and 14: If the ADRO states that the Member
Page 15 and 16: Coverture Fraction - The Coverture
Page 17 and 18: Public School Employees' Retirement
Page 19 and 20: SAMPLE -Domestic Relations Order CO
Page 21: 6. Equitable Distribution. [Using a
Page 26: Public School Employees Retirement

Divorce Guidelines.indd - PSERs

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?